Dec. 5 – The People’s Bank of China (PBOC) released the “Opinions on Leveraging the Role of Finance in Supporting the Construction of China (Shanghai) Free Trade Zone (hereinafter referred to as ‘Opinions’)” on December 2, which puts forward the detailed financial reform guidelines to support the Shanghai Free Trade Zone (Shanghai FTZ).
The Opinions mainly cover the following four aspects:
- Exploring ways to facilitate investment and financing remittance, and promoting the convertibility of capital account;
- Promoting the cross-border use of RMB to allow enterprises and individuals in the Shanghai FTZ to use RMB to carry out cross-border trade in a more flexible way;
- Pushing forward the market-oriented reform of interest rate; and
- Deepening foreign exchange reform and further streamlining administrative examination and approval, so as to gradually establish a suitable foreign exchange control system.
Detailed information can be found below. Continue reading
Dec. 2 – The Shanghai People’s Government released the “Provisional Measures on the Administration of Wholly Foreign-Owned Medical Institutions in the China (Shanghai) Free Trade Zone (hufubanfa  No.63, hereinafter referred to as the ‘Measures’)” on November 13, which specify the requirements and application materials for foreign investors who wish to set up wholly foreign-owned medical institutions in the Shanghai Free Trade Zone (Shanghai FTZ). Detailed information can be found below. Continue reading
Nov. 29 – China’s Office of National Holidays (ONH) is allowing the public to choose between three different proposals for the 2014 national holiday schedule. In an attempt to make the holiday schedule more predictable, the public is currently being asked to indicate their preferred proposal in an online poll featured on a number of leading Chinese websites including Sina, Tencent and Sohu.
As of Thursday, more than 1 million people have participated in the poll that has been available online since Wednesday November 27.
In a similar survey conducted in October, only 12 percent of roughly 2 million participants indicated that they were satisfied with the current national holiday arrangement, and a further 50 percent felt that mandatory long-term holidays that sacrificed regular weekends were unnecessary. Continue reading
Nov. 28 – Zhejiang’s Administration of Industry and Commerce (AIC) recently announced the release of nine measures to conform with the reformatory policies on company registration outlined in the October 25 State Council Executive meeting. These measures will aim to stimulate investment in the province by modifying the government’s role in the market and lowering entry barriers and start-up costs for entrepreneurs.
A press release by the Zhejiang AIC explains that in order to be prepared for the new company registration system, a number of relevant laws and regulations must be revised. It is still unclear when the new measures will enter into force. Continue reading
Nov. 28 – China’s State Administration of Taxation released the “Announcement on Issues concerning Value-Added Tax and Consumption Tax of Exported Goods and Services (Announcement  No. 65, hereinafter referred to as ‘Announcement’)” on November 13, which clarifies issues related to the value-added tax (VAT) and consumption tax of exported goods and services. Detailed information can be found below. Continue reading
Nov. 25 – One of the key focal points mentioned in the “Decision on Major Issues Concerning Comprehensively Deepening Reforms (hereinafter referred to as the “Decision”)” is to deepen the reform of China’s fiscal and tax system. Recently passed during the Third Plenary Session of the 18th Central Committee of China’s Communist Party (Third Plenum), the Decision is considered the guideline for mapping out China’s economic policies in the coming years. Continue reading
Nov. 22 – China’s State Administration of Taxation (SAT) issued the “Announcement on Issues Concerning the Registration and Declaration of the Cultural Undertaking Development Fee under the Value-Added Tax to Business Tax Pilot Conversion (SAT Announcement  No. 64, hereinafter referred to as the ‘Announcement’)” on November 11, which clarifies the registration and declaration issues of the cultural undertaking development fee (CUD Fee) under the nationwide tax reform. Detailed information can be found below. Continue reading
Nov. 21 – China’s central government released the “Decision on Major Issues Concerning the Comprehensive Reform (hereinafter referred to as the ‘Decision’)” on November 17, which puts forward 60 detailed targets in the following 15 areas to promote the nationwide reform:
- Clarifying the significance and principles of the reform;
- Improving the basic economy system;
- Improving the modern market system;
- Transforming the government function;
- Deepening the fiscal and tax system reform;
- Improving the unified urban-rural development system;
- Establishing the “opening-up economy” system;
- Accelerating the construction of the socialist democratic political system;
- Promoting the construction of a “nation ruled by law”;
- Strengthening the power restriction and supervision system;
- Promoting the cultural innovation system;
- Promoting innovation in social service reform;
- Innovating the social administration system;
- Accelerating the construction of the ecological civilization system; and
- Deepening the national defense and military system reform. Continue reading